Friday Morning Markets: FTSE Gains as Miners Climb, UK Business Confidence Provides Boost

London stocks edged higher in early Friday trading, with the FTSE 100 and FTSE 250 both up 0.3%. European bourses are outperforming, with the CAC 40 up 1%, the DAX gaining 0.6% and the Euro Stoxx 50 rising 0.7%.

Sentiment has been supported by data showing UK business confidence hit its highest level since March, according to Lloyds Bank, with its index climbing four points to +53% in August, above its 12-month average.

On the geopolitical front, mediators pushed for progress on reopening the Strait of Hormuz, helping ease some risk premium in oil, with Brent down 0.6% at $87.97 and WTI off 0.8% at $82.90. Both Brent and Crude are on track for a weekly loss.

In metals, spot silver has stolen the show, with gold up 0.2% at $4,611 and silver jumping 2% to $70.61, lifting FTSE 100 miners Endeavour Mining (+2.3%), Fresnillo (+1.74%) and FTSE 250 silver miner Hochschild Mining (+3.2%).

Defence names have seen some movement. Melrose Industries has added 2.28%. On the downside, BAE Systems (-1.67%) and Babcock (-1.43%) have both slipped, while RELX fell 1.16%.

In the FTSE 250, Goodwin has surged 13% after reporting record annual profits of £77.5m, up 118%, and an 18% dividend hike, while confirming an active sale process for part of its Mechanical Engineering division.

Hays has risen 4.79%. Fallers include Dr Martens (-2.84%), Rank Group (-2.47%) and PPHE Hotel Group (-1.7%).

Elsewhere, McBride (LON: MCB) has jumped more than 16% on a contract-manufacturing tie-up with Vestacy, System1 (LON: SYS1) unequivocally rejected Brave Bison’s takeover approach, and Watkin Jones (LON: WJG) fell after flagging delayed investor deals.

Overnight in the US, Marvell topped Q2 estimates but slipped after hours, while Gap jumped on a profit beat and raised guidance despite Old Navy weakness.